University of Kerala venture operations is expected to get a huge boost with the establishment of a packed startup innovation center that will provide mentorship and funding for such enterprises.
The Kerala University Business Innovation and Incubation Centre (KUBIIC), which was established to encourage students and staff to engage in entrepreneurial and innovative activities, would get ‘43.5 lakh from the institution this year to expand its operations. Three startups have already been registered as corporations with KUBIIC, while another 12 are in the process of doing so. KUBIIC has helped 78 entrepreneurs sign MoUs with the University of Kerala, in addition to 63 startups in the idea phase.
This year, KUBIIC held a two-part idea hackathon, with 74 company concepts being chosen for idea grants. Interestingly, 63 of the stories come from academic institutions, while 11 came from affiliated colleges. “We had established a startup policy based on feedback from experts from many disciplines, which was accepted at the syndicate’s last meeting. One of the policy’s key recommendations was to establish the proposed incubator center as a non-profit corporation so that its operations would not be limited to academic institutions and schools.”
As per the Manoj, KUBIIC would also seek funding from the Union Govt’s MSME Institute Of development studies in Thrissur, as well as the TIMed technology business accelerator of Sri Chitra Tirunal Institute of Medical Sciences and Technology (SCTIMST).
In addition, KUBIIC is in contact with several venture capitalists that are interested in supporting creative startup companies. While some of the funding KUBIIC will receive from the university this year will be utilized to establish a specialized incubation center, the rest will be used as grants for fresh business ideas. KUBIIC chose seven new businesses in 2021 after a rigorous selection process by a panel of industry professionals, funding organizations, and service centers.